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Calvin Klein PVH Corp. ANNUAL PVH Corp. 200 Madison Avenue New York, NY 10016 Annual Report 2013 REPORT 2013 WE ARE PVH Growing Global Brands. We Are PVH. PVH Corp. utilized a printer that has Forest Stewardship Council® (FSC®) certification, uses soy-based inks exclusively and purchases carbon-neutral materials. All of the papers used in this publication are FSC® certified. The cover is printed on Mohawk Loop Silk Coated 100 lb. Cover. Pages 1 to 50 are printed on Mohawk Loop Silk Coated 100 lb. Text. The Annual Report on Form 10-K is printed on Finch Casa Opaque 40 lb. Text. The energy used in manufacturing Mohawk Loop Silk Coated is wind power. The manufacturing of Mohawk Loop Silk Coated is carbon-neutral. Mohawk Loop Silk Coated contains 50% post-consumer waste fiber. Two-thirds of the energy used in manufacturing Finch Casa Opaque comes from renewable, non-fossil sources. Finch Casa Opaque contains 30% post-consumer waste fiber. GROWING WE ARE PVH GLOBAL BRANDS GROWING TABLE OF CONTENTS 03 Letter to Stockholders 12 Calvin Klein 16 Tommy Hilfiger 20 Heritage Brands 24 Corporate Social Responsibility 28 Directors, Officers and Other Information 30 Financial Highlights 30 GAAP to Non-GAAP Reconciliations GLOBAL 33 Annual Report on Form10-K BRANDS Calvin Klein Jeans prototype store Calvin Klein Collection store Calvin Klein store Calvin Klein company store Shanghai, China Metzingen, Germany Las Vegas, Nevada Tommy Hilfigerflagship store Hilfiger Denimstore Tommy Hilfigerstore Tommy Hilfigerflagship store Düsseldorf, Germany Brussels, Belgium San Diego, California Los Angeles, California Calvin Klein store Calvin Klein store Calvin Klein Underwear store Calvin Klein platinum label store Sunrise, Florida San Francisco, California Hong Kong, China Shanghai, China LETTER TO STOCKHoldERS Dear Fellow Stockholders: 2013 represented a year of transition for our company. Our acquisition of The Warnaco Group, Inc. (“Warnaco”), gave us direct control over the two largest Calvin Klein apparel categories, jeanswear and underwear, and added the Core Intimates (Warner’s and Olga) and Speedo businesses into our Heritage Brands business. 2013 Year in Review earnings before interest and taxes of $967 million,* an increase of 29%* over Organizationally, there were significant last year, as our strong brand positioning changes within our largest brand, Calvin and execution of our business principles Klein, as the business model shifted from drove our financial performance, despite being license-driven to a more directly the uncertain macroeconomic environment operated business, with direct operations and the significant strategic investments now expanded to Europe, Asia and Latin we have needed to make to upgrade and America. We believe that these changes stabilize the acquired Calvin Klein businesses. Tommy Hilfigerflagship store Los Angeles, California will lead to stronger and more profitable operations for PVH in both the Calvin Klein Status of Warnaco Acquisition and Tommy Hilfiger businesses. During 2013, we made significant progress While the economic environment continued integrating the Warnaco businesses into to be volatile in 2013, with fragile consumer PVH and investing in the infrastructure sentiment in most parts of the world, critical for our long-term global success. we navigated the obstacles well, as our Our teams converted systems across brand portfolio, led by Calvin Klein and North America and Europe, putting Tommy Hilfiger, continued to resonate with associates on common platforms across consumers worldwide. We exceeded our each business. In 2014, our teams will earnings per share and revenue guidance focus on systems conversions in Asia set forth at the start of the fiscal year, and our sourcing integration is on track with non-GAAP earnings per share of for completion for the Fall 2014 season. $7.03.* Our revenues increased over 35% We also invested in people, filling many to $8.2 billion, as we added the acquired of the over 200 open positions across the businesses and saw sustained growth acquired businesses, including a President in our core businesses, with consistent of Calvin Klein Asia and a President of profitability and cash flows. We reported Calvin Klein Europe. EMANUEL CHIRICO Chairman & Chief Executive Officer *See pages 30-31 for GAAP to non-GAAP reconciliations. ANNUAL REPORT PVH CORP. LETTER TO STOCKHOLDERS 03 has enabled us to continue to transform from a primarily North American multi- brand business with strong European Tommy Hilfiger operations, to a more diversified, global organization with significant operations in four distinct regions, and with Asia and Latin America now accounting for approximately 20%† of our operating income. As a much larger organization, we continue to operate under our core business principles, which value leaders who hold the highest ethical standards, while also driving results across the business. We took key steps to enhance and Total Revenue further develop the acquired businesses 2013: $8.2BN by making significant investments in their By Region infrastructure, including filling high-profile 28% senior management positions, improving 9% Jeanswear has been a particular focus systems and processes and elevating 2% since the acquisition closed. We have the design and quality of Calvin Klein taken strategic actions to reposition Calvin jeanswear and underwear. These changes Klein Jeans beginning with the Fall 2014 will put the brand in a much stronger 61% lines, with improved product and designs position to grow globally, strengthen its that are more consistent with our other customer base and thrive over the long- Calvin Klein branded product. Our teams term. With the direct global control of the Operating Income have been elevating our sourcing platform brand image and commercial operations 2013: $967MM* to coincide with these improvements and for the two largest Calvin Klein apparel By Region are working to enhance and upgrade our categories, jeanswear and underwear, 15% wholesale account distribution and retail our teams took steps to strengthen 24% % presentation. These measures are expected management, improve operations, unify 5 to deliver healthier financial metrics in the our brand messaging, and coordinate U.S. and Europe. Additionally, we have and improve design, merchandising, taken actions to eliminate excess inventory retail distribution and marketing functions % levels across the acquired businesses. on a regional and global basis. We believe 56 that these steps, which we will build upon Our newly acquired Speedo, Olga and in 2014, will strengthen Calvin Klein’s North America (U.S., Canada and Mexico) Warner’s businesses are also proceeding image, positioning and execution across Europe well in terms of their integration. Overall, all markets to drive sustainable growth. (Europe, Middle East and Africa) Latin America we are pleased with the status of the While we still have additional areas of (South and Central America and the Caribbean) integration and the advancements we investment and development planned Asia / Rest of World (Asia, Australia and New Zealand) are making, and we remain on track to for 2014, the integration is progressing achieve synergies identified through the on track and we are confident that the acquisition. steps we are taking will position PVH for sustainable long-term financial growth Setting the Stage for and drive stockholder value. Continued Long-Term Growth Another major development was our sale During 2013, we took significant steps to of the G.H. Bass & Co. business in the strengthen our organization for the long- fourth quarter of 2013, which allows us term and deepen our focus on our global to further invest in our more profitable designer lifestyle brands, Calvin Klein and apparel businesses, while also reducing Tommy Hilfiger. The Warnaco acquisition sales and earnings volatility. provides a broader global platform for both of our designer lifestyle brands and 04 LETTER TO STOCKHOLDERS PVH CORP. ANNUAL REPORT *See pages 30-31 for GAAP to non-GAAP reconciliations. †Excludes non-recurring items. 2013 was a transformational year, as we reunited the “House of Calvin Klein” and made significant progress integrating the acquired Calvin Klein businesses into PVH. Tommy Hilfiger continues to hold strong global appeal, as demonstrated by its $6.4 billion of global retail sales in 2013. Total Revenue 2013: $8.2BN By Brand 24% 34% Calvin Klein Tommy Hilfiger Heritage Brands Calvin Klein and Tommy Hilfiger represented within existing and into new markets. The over 75% of our 2013 revenue. The global consumer appeal for the brand remains 42% appetite for these two designer lifestyle high, as demonstrated by Calvin Klein’s brands continued to be strong, as Calvin #8 ranking on MediaRadar’s “Most Talked Global Retail Sales Klein and Tommy Hilfiger posted notable About Fashion Brands of 2013” list. 2013: $18BN sales and market share gains, while also By Region expanding profitability. In spite of the During 2013, our Calvin Klein revenues weak consumer environment, our powerful grew over 140% to $2.8 billion, driven by 14% 24% designer lifestyle brands grew comparable the acquisition of the Warnaco businesses. 5% store sales low single-digits on top of We experienced over 60% growth in North challenging multi-year comparisons, driven America and revenues for the rest of the by compelling product, strong brand world grew four-fold. Calvin Klein North awareness, engaging marketing programs America had strong performance both at % 57 and prudent
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